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This article develops a forestry model to obtain the optimal control strategy and optimal rotation length after a disease attacks in a perennial variety. Three cases are considered: a benchmark consisting of a disease-free field, an identical field with the disease present but no resistant variety with which to replant, and an identical field with the disease present and a resistant variety wit…
- Tahun Terbit
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Are labels good or bad for consumers and firms? The answer may seem straightforward since labels improve information, yet economic theory reveals situations where their introduction reduces the welfare of at least some market participants. This essay reviews the theoretical literature on labels in order to identify and explain the main reasons that may cause labeling to produce undesirable side…
- Tahun Terbit
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Payment for environmental service contracts commonly require actions beyond adoption of a practice, such as undergoing specified enrollment procedures, granting consent to being monitored, and paying penalties for violations. These provisions are a bundle of attributes a landholder must accept with contract enrollment, leading to transaction costs in the contracting process. This article develo…
- Tahun Terbit
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